Current Attempt in Progress Pharoah Corp had $1,120,000 of inventory at December 31, 2024, with purchases of $336,000 and sales of $784,000 in 2025. Pharoah Corp lost all but $112,000 of inventories due to a hurricane in 2025. Using the gross profit method, calculate ending inventory independently using the following assumptions: 1. Pharoah's gross margin was 30% 2. Pharoah mark up on cost was 20% 3. Pharoah's cost of sales percentage was 60% $ LA ta $ ta $

Current Attempt in Progress Pharoah Corp had $1,120,000 of inventory at December 31, 2024, with purchases of $336,000 and sales of $784,000 in 2025. Pharoah Corp lost all but $112,000 of inventories due to a hurricane in 2025. Using the gross profit method, calculate ending inventory independently using the following assumptions: 1. Pharoah's gross margin was 30% 2. Pharoah mark up on cost was 20% 3. Pharoah's cost of sales percentage was 60% $ LA ta $ ta $

Name: 1 Current Attempt in ProgressPharoah Corp had $1,120,000 of inventory
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Description: 1 Current Attempt in ProgressPharoah Corp had $1,120,000 of inventory at December 31, 2024, with purchases of $336,000 and sales of $784,000 in 2025.Pharoah Corp lost all but $112,000 of inventories due to a hurricane in 2025. Using the gross profit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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